Money Back Hero, a leader in the fight against Binary Options scammers started a new program to highlight one scammer each week. This is in order to educate the public and help prevent other victims from being scammed like Brian Roxborough, a 49-year-old Canadian who was scammed by Magnum Options. Magnum Options was a Binary Options company understood to be operating out of Tel Aviv but officially based in Bulgaria. The reason for this setup is twofold: Binary Options are currently illegal in Israel. Bulgaria is a common location for scammers to operate due to lax law enforcement.
Update: This broker is no longer in business.
Address: Mladost 4, Bl. 428 Entrance 1 Floor 1/3, Sofia, Bulgaria
UK Phone Number:
0800 680 0683 or Canada: (800) 986-6891
What people are saying about Magnum Options:
“Brian Roxborough says Magnum Options stole his $134,000 life’s savings; says Israel Police doing nothing, appeals to the public for information”
“In July 2015, my trust relationship with Dennis Cooper broke down because he convinced me to take a bonus of $50 000 from the company under the pretense that he was able to influence the company to allow me to still withdraw some funds during the bonus period”
“This is yet another scam broker I got ripped off by them it was impossible to get a withdrawal. I had to hire a recovery firm to get my money back. So glad I got a refund, happy to share my experience.”
Magnum Options have been closed. MoneyBack Hero explains how this happened:
Following an investigation into the company by the UK High Court, the company was forced into liquidation. Magnum Options made outrageous claims to investors that returns could yield up to 81%. However, they failed to follow through. They also convinced investors to sign trading bonus agreements that effectively prevented them from ever making withdrawals. This was accomplished through the fine print in which it was specified that investors could only withdraw funds once they had traded at 30%-40% of the level of their current account balance. Even the few investors who managed to achieve this were not allowed to make withdrawals. The UK regulatory authorities accused Hampshire Capital as well as Solaris Vision Ltd of fraud and providing investment advice even though they were not licensed to do so. According to financefeeds.com, Magnum Options was closed down after it was investigated by the Insolvency Service.
What should someone do if they were scammed by Magnum Options?
If you were a victim of Magnus Options, you may have chargeback rights. If you do, you can get your money back through the credit card chargeback system. To find out if you do, fill out the form on the MoneyBackhero website. If you made deposits via wire transfer, or crypto, then your options are more limited. However, you may be able to recover some money by opening a case with the receiver at email@example.com or via telephone 0300 678 0017. According one internet user, the scam itself was run by an individual by the name of Yonatan Shinyetshy of Rushmore Marketing. If this is true, you may be able to sue this man in Israeli courts. Obviously, this is only viable if the funds lost were was a very large amount, in order to make lawyer fees worth it.